US ferrous scrap imports drop 16% on year in 2024, exports down 7.2%

US ferrous scrap imports in 2024 dropped 16% from the previous year to the lowest level since 2019 amid a decline in shipments from Canada, according to S&P Global Market Intelligence's Global Trade Atlas Feb. 13.

The US imported 2.94 million mt of ferrous scrap in 2024, down from 3.51 million mt in 2023. Imports from Canada fell 15% year on year to 2.18 million mt in 2024, but were partially offset by a 65% year on year increase in ferrous scrap imports from Mexico to 353,412 mt.

US ferrous scrap exports were 13.38 million mt in 2024, down 7.2% from 2023 to the lowest level since 2020. Shipments to Turkey rose 8.5% year on year to 4.41 million mt in 2024, while exports to Mexico dropped 31% to 1.84 million mt over the same period.

US ferrous scrap import and export figures were determined using HS codes 7204410020, 7204410040, 7204490020, 7204490040, 7204490060, 7204490070 and 7204490080.

US pig iron imports were 4.7 million mt in 2024, up 8% year on year to the highest level since 2021. Imports from Brazil rose 26% year on year to 271,505 mt in 2024, with Brazil providing 73% of all US pig iron import volumes last year, up from 64% in 2023, while Ukraine's market share fell from 24% to 18% over the same period.

Platts, part of S&P Global Commodity Insights, assessed the weekly US pig iron import price at $420/mt CIF New Orleans on Feb. 13, steady from one week earlier.

US direct reduced iron imports were 1.52 million mt in 2024, up 16% year on year to the highest level since 2020. More than 99.9% of imports in 2024 came from Trinidad and Tobago, which hosts Charlotte-based steelmaker Nucor's 1.6 million mt/year capacity DRI plants, while the next largest supplier was Brazil with just 451 mt.